Software company Siebel Systems ( SEBL) said it's started an internal inquiry after the Securities and Exchange Commission contacted it over a possible Reg FD violation.

The SEC inquiry came after a May 1 article in CBS MarketWatch about a spike in the company's shares after an April 30 dinner attended by Siebel CFO Ken Goldman and a number of analysts.

The audit committee of Siebel's board is holding the internal review and hasn't yet decided whether Reg FD was violated, according to the company. The company said it is cooperating with an SEC inquiry into the matter.

It isn't Siebel's first brush with Reg FD, the SEC regulation forbidding selective disclosure of financial information. The company was fined last year in the first enforcement action for the regulation over some off-the-cuff remarks by CEO Tom Siebel at an investor conference.

The May 1 article stated the company has confirmed the dinner took place, but a company spokesman said that in response to questions, Goldman merely had repeated the financial outlook from Siebel's April 23 earnings call.

The following day Siebel shares rose 68 cents, or 7.5%, to $9.66 on volume that was nearly four times normal. Software peers PeopleSoft ( PSFT) and SAP ( SAP) also rose, 2.8% and 2% respectively, but on volume much closer to normal.

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